We ran a survey among 700 respondents in 12 countries to gauge tourism sentiment. Around half of respondents prefer domestic travel by air or road due to 'limited foreign destination options’ and ‘risks of getting stranded abroad’. There was limited enthusiasm for international travel without vaccine development or a fall in infection rates. Further, half of respondents expect to take fewer leisure trips and a third would spend less per trip. These results suggest: a) the domestic travel recovery underway should be sustained; b) an international travel recovery hinges upon a sustainable medical solution for COVID-19 and could be long drawn and shallower; and c) the effectiveness of virtual communication tools could make business travel recovery slow. Overall, this suggests a slower path for a cross-border travel demand recovery, in our view. Hence, we are positive on Chinese Airports that have material domestic exposure (OW SZA), and cautious on ex-China Airports (UW AOT) and regional airlines (UW SIA).